Federal Regulators Approve Merger
Of Oil Giants Chevron and Texaco

Chevron Corp. received approval from the Federal Trade Commission to proceed with its $39.3 billion acquisition of Texaco Inc., creating the second-largest oil company in the U.S.

The companies agreed to satisfy several conditions in order to complete the transaction. Texaco, White Plains, N.Y., will sell its share of two massive U.S. refining and marketing ventures, Equilon Enterprises LLC and Motiva Enterprises LLC, which are...